ICE Brent Crude Oil continues its ascent and the rise above the 55-week moving average at 45.49 targets the 47.31 August peak and above, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
“ICE January Brent Crude Oil’s strong rally has taken it to a two-month high at 46.72, to not far below the 47.18/31 August highs, which are expected to soon be overcome. The next resistance level can be seen at the 49.93 December 2018 low and at the psychological 50.00 mark.”
“Minor support comes in between the mid-September and October highs at 44.67/43.99 and more important support between the mid-November low and the 200- and 55-day moving averages at 42.63/12. Further support comes in at the 40.42 September low. Below it lie the early October and the November 6 lows at 39.34/32. While trading above this area, upside pressure should be maintained. Much further down lies the 35.74 current November trough.”